Household goods

From the 2024 DOR Tax Exemption Study

84.36.110(1) - Household goods Description Household items and furnishings in actual use and personal effects held by the owner for personal use are exempt from property tax. Purpose Avoids the administrative difficulty of locating and listing household items and establishing values for used items. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $268.291 $270.719 $264.951 $263.548 Local Taxes $793.827 $825.387 $833.136 $854.511 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $23.579 $45.304 $46.176 Assumptions - The total estimated exempt value is $121.6 billion. - This repeal takes effect beginning with property taxes due for calendar year 2025. - Repealing this exemption shifts an estimated $274.1 million